ICmarkets
Short

Short with confluence from 0.97515

FX:USDCHF   U.S. Dollar/Swiss Franc
68 0 2
Traders who have been following our recent reports on the Swissy may recall us highlighting a possible selling opportunity around the 0.9750 region. As of this point, our team is currently short from 0.97515 with a stop-loss order placed above at 0.9790.

For those new to this report, we built a case for entry based on the following points:

1. Weekly price trading at a small weekly supply marked with a pink circle at 0.9787-0.9695.
2. Daily action testing supply at 0.9787-0.9755.
3. H4 mid-level resistance seen at 0.9750.
4. A near-perfect bearish H4 Harmonic Gartley pattern which converges nicely with the above said daily supply (green circle).

Ultimately, we’re looking to take partial profits between the H4 support coming in at 0.9722 and round-number level just below at 0.9700. Following this, 0.9650 will be the next hurdle on the hit list considering how well it has held as support and resistance over the past few weeks.
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